Credit Union Top Up loan

D

deviant

Registered User
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Hi there

I'm a student who borrowed a small loan (~€500) from my local credit union last summer. I have about two thirds of it paid off now, well ahead of the schedule set out in the credit agreement. My question is: is it possible to 'top up' or borrow more money on the same loan in this situation - I am looking to do a summer course and was intending to bring the loan back to the size it was when I first got it.

Thanks
 
Yes you can. But it is not a topup as such but a new loan agreement. You apply for a topup similar to a new loan. The old loan is closed off and a new loan agreement is created that included outstanding amoutn from old loan and topup amount.
 
Oh right I see, that's handy. I've been a member of the credit union for years, but it's actually my first loan, so hopefully they won't hold it against me! I've been pretty diligent about repayments and usually would pay well above the minimum required.
 
The credit union are usually very good, at explaining what options you have, ask for advice i always find them very good , or maybe its just my cu
 
Good stuff! Well I'll pop in there tomorrow morning and see what they have to say!
 
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